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Best In-Class Business Insurance for Technology Firms & IT Consultants
Deciding to hire an employee (or multiple ones) is a big step for a business owner. Hiring one or two people can really help your business grow. You may be able to make it bigger than you ever imagined.
However, hiring employees is more than just finding someone to work with you. You need to talk to your tax professional to ensure that you are paying adequate taxes. You also need to talk to your insurance company. You are going to need to have Employment Practices Liability, also known as EPLI.
EPLI is used to cover businesses against any claims that they may receive by their employees. These include claims from workers who feel like their legal rights have been violated in some way.
EPLI will protect your business against employee claims for many reasons. These include:
EPLI was created because the amount of lawsuits that are brought against employers is on the rise. Though this used to only occur with big companies, the truth is that smaller businesses aren’t immune.
Even though larger companies may be able to handle a lawsuit occasionally, one lawsuit could bankrupt a smaller one. This is the reason why Employment Practices Liability Insurance was created.
EPLI protects your business against any lawsuits that may be brought on by your employees. Your EPLI policy will cover any legal costs that may occur. They will pay whether you win or lose.
Unfortunately, even one lawsuit could destroy your business and shut you down. You could be facing fines and legal fees, costing your business thousands of dollars that it needs to keep going.
Depending on your insurance, EPLI may be added to your Businessowners policy, though some companies offer it as a stand-alone policy.
Either way, the cost of EPLI depends on multiple factors, including:
There are plenty of things that you can do to protect your business. Here are some things that you should do to help.
The best way that you can protect your business is by having enough insurance. It can be hard to know how much you really need so it is important to talk to a professional.
If you want to make sure that you (and your business) are protected, don’t hesitate to contact us today. We will be able to discuss your needs so that your business is protected.
If you’re a business owner, you know the importance of counting every penny so that your business can make a good profit. Paying as little taxes as possible can significantly help in making the best profit possible. Now that tax season is upon us, most business owners are scrambling to get their tax returns ready. Here are eight basic tax tips for businesses, along with some considerations and warnings.
One of the main mistakes small business owners make is not selecting the right corporate structure or entity. Just because you have a small business doesn’t mean you can’t become an LLC (limited liability company). This is a corporate business structure in which a business owner isn’t personally responsible for company debts or liabilities. By registering as an LLC, you can prevent having to pay a self-employment tax. Another benefit is it can give you additional tax benefits.
Although tracking your business expenses can seem overwhelming, it’s really easier now. For example, you can review your annual credit card expenses online since most credit cards have this information available on their websites. An even better way to have a record of every item you spend is by using software, such as Quicken or QuickBooks. These software aides give you a chance to see every deductible expense for a year as well as past years.
Using tax software, such as Tax Turbo and others, isn’t just an option when you run a small business. Instead, in today’s world, it’s a must-have item. In other words, ditch the paper tax forms. You’re much more likely to make mistakes when you use paper returns instead of using tax planning software.
It’s critical that you know about all the latest tax law changes. In fact, there are some changes, such the Jobs Act and the Tax Cut that can benefit taxpayers, while other changes won’t help you. By keeping updated with all the tax changes that occur throughout the year, you’re able to make better choices when preparing your tax return.
Be sure to deduct any auto expenses when using your vehicle for business purposes. Using an app to record your gas bills for business makes you more prone to not overlook your driving expenses. Apps are also useful in organizing your business trips. Furthermore, you can also deduct auto costs for driving your car for charitable purposes.
Take a hard look at IRS Section 199a and see if your business qualifies. This law, which went into effect the beginning of 2019, allows for as much as a 20 percent tax deduction for specific businesses, estates and trusts.
Another huge way to save on business taxes is taking advantage of tax-deferred retirement plans. This is a savings plan allowing taxpayers to delay paying taxes on money that’s been invested until it’s withdrawn after someone retires.
By hiring more independent contractors you can save money on your Medicare and Social Security taxes. However, just be aware of the legal requirements needed, so you won’t get in trouble with the IRS.
Having the right business insurance is critical. For all your commercial insurance and employee benefits, you can depend on the insurance pros at InsuranceYourCompany. Contact us to learn more at info@insureyourcompany.com.
Working in an office isn’t for everyone. It can become monotonous and boring, especially if you spend eight or more hours sitting in one spot. However, it doesn’t have to be.
You can be productive while working in an office. Here are some tips to help.
It is a good idea to have a list of things that you need to get done each day. Some recommend ending the day by working on your list so you can start fresh in the morning. Others recommend starting each day by making a list. You will have to figure out which works best for you.
It helps to put your tasks in a list of importance so that you know in what order you should do them. If something needs to be done today, put it at the top. If something can wait, put it at the bottom. If you are able to get to it, that is good because you will have a head start on the next day. However, if you don’t, you will know where to start your next list!
Everyone has that one task that they dread doing, so they keep pushing it back. After a while, it just doesn’t get done.
However, it can be freeing to do it first. By getting it out of the way, you can focus on the rest of your to-do list. The other tasks will feel less daunting, and you will be amazed at how fast you can get through some of them.
You can get stiff easily if you spend all of your work days in one spot. This is especially true if you don’t get up from your chair all day.
So, make sure that you take multiple short breaks throughout the day, even if you just stand up to stretch. However, if you are able to get up and walk around the office (or take a quick walk around the building), it would be even better.
Though you may feel like you get more done when multitasking, the truth is that it can be a waste of time. You aren’t able to focus on anything fully, and even if you do get several things done, you might not give any of it your full attention. You might be too distracted to do well, and your work suffers.
So, stop multitasking and focus on one task at a time. Once you are done, you can move on to the next one. You may be amazed at how much more you can get done when you are able to focus on each item.
If you are serious about being productive, it helps to make yourself a list of everything that needs to be done. Then, organize it in the order that it needs to be done so you can start to work through it. However, you may want to start with the hardest task first. Once you get that done, you will feel accomplished and be able to move on to the rest of the things quickly.
You also need to take a lot of short breaks. Not only is this good for your body, but it is good to give your mind a rest. You can come back refreshed and ready to work. You also need to stop multitasking. This can really waste time, instead of helping.
Don’t hesitate to contact us today. We want to make sure that you have enough insurance to protect yourself and your business.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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